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Coins Special Edition - September 2011

Have Fun and Make A Difference Doing It!

The Build A Better World Disc Golf Tournament will be Saturday September 10th at the all new Ballou Park disc golf course in Danville. All proceeds from the tournament will benefit our local Danville-Pittsylvania Habitat for Humanity. We chose Habitat because they share a similar mission to the credit union - to stand against poverty by breaking cycles of debt and financial instability.

Tournament registration starts at 9:15am with tee time at 10:00am. Lunch will be provided. There will be prizes for "Closest to the Pin" and "Longest Drive". Register Online at https://www.piedmontcu.org/discgolf.

Disc golf is a fun, easy to learn sport that can provide you with a lifetime of challenges and enjoyment. We've collected several getting started videos to help make the learning curve even shorter for you! Click here to watch them online. The first 50 registrants will receive a free golf disc! So come on out and together we'll Build A Better World!

What is Regulation D?

How Does It Affect Me?
And Why Is It Called The 'Pajama Rule'?

Regulation D is a rule that governs deposit accounts in the United States. It specifies three categories for deposit accounts. These are Transaction Accounts, Savings Accounts, and Time Deposit Accounts. Since Piedmont CU offers accounts in all three categories we thought it wise to remind everyone from time to time about the transaction limitations of the accounts in each category.

Transaction Account Category
There is only one Piedmont CU account which is falls into the transaction accounts category. That is our Share Draft Account. (Commonly referred to as Checking.) There are no limits on the number of transactions you can perform on your Share Draft Account. The funds are available to you "24-7" through any and all channels such as in person, online, ATM, and telephone to name a few.

Savings Account Category
Accounts that fall into this category have transaction limitations set forth by Regulation D. (Here's where this flier gets a wee bit technical.) There can only be six(6) covered transfers per calendar month to another account or a third party. A covered transfer can be any of the following: a pre-authorized transfer, check or debit card withdrawal, an overdraft withdrawal, a telephone or audio response authorized withdrawal, or an ACH withdrawal.

A few examples of transactions that are NOT covered by Regulation D are transfers authorized by mail, messenger, ATM, or in person. Transactions are not limited by Regulation D when they are authorized through any of these channels.

A good way to remember what transactions are covered by Regulation D is to ask the following question... "Could this transaction happen while I'm wearing my pajamas?" If the answer is "Yes", then chances are this transaction will count towards one of the six(6) withdrawals for that month.

How does Regulation D affect me?
If a transaction is presented against your Share Draft (Checking) Account and the funds are not available, Piedmont CU will attempt to clear the transaction with a transfer from your Regular Share Savings. This transfer counts towards the six(6) withdrawal limitation. Of course this is a better option than letting the check be returned and Piedmont CU does not charge a fee for this. If you have used your six(6) covered transfers then you run the risk of having a transaction being returned unpaid and you may incur a Non-Sufficient Funds fee. Just be careful not to develop a habit of letting this service bail you out. Rather, always make sure the money is in your Share Draft Account before you authorize the transaction or write the check, and always keep a register of checks written and other transactions performed so you can compare that to what has already cleared the account.

Money Market Accounts are in the Savings Category. As such, they are limited to no more than six(6) covered transfers per month. If you write checks or have pre-authorized withdrawals made from your Money Market remember that the limit on these is six(6). Anything over that could be returned and you may incur a Non-Sufficient Funds fee.

More ways to avoid reaching the six(6) transfer limit:

Set up your electronic withdrawals to come out of your Share Draft (Checking) Account.

Make one large transfer instead of several small ones.

Keep a check register and balance your account often. This will reduce the number of overdraft transfers.

While we like all those electronic and online services, we still love to see you in person from time to time! Plan ahead and stop by the credit union to make a transaction now and then.